Money services businesses (MSBs) must follow a number of consumer compliance laws. The federal government strictly enforces these laws, and they will often send examiners to your business to make sure that you are complying. There are multiple federal agencies that can examine businesses for consumer compliance, including the Consumer Financial Protection Bureau
The list of what examiners are looking for is incredibly long. Needless to say, your MSB needs ongoing efforts to comply with the laws, so you are prepared for an examination. The scope of what you must follow and prepare for as an MSB is breathtaking.
All of your business activities as an MSB require policies and procedures. Then, your business must apply them to all areas of your business. In addition, you need to test your procedures frequently to ensure that they work as intended. Compliance is a full-time job for an entire department, and it requires a significant ongoing investment. Otherwise, you could find your MSB on the receiving end of government enforcement actions. Your risk management procedures could mean the difference between a clean examination and one in which you end up with an enforcement action that harms your reputation.
While the ultimate responsibility for compliance is yours, an outside professional can provide you with expertise and knowledge that comes from their experience with federal agencies and their interpretations of laws. This is what gives you the peace of mind to know that you may not have any unwelcome surprises on your examination. Many businesses don’t even know what they don’t know about consumer compliance laws. These statutes and regulations can fill an entire bookshelf.
Of course, you would still have the day-to-day responsibility for compliance with the laws. However, the framework would be in place for your MSB to follow. For many MSBs, the issue is in knowing where to start in their consumer compliance efforts. This is where Bates Group LLC, can help.
We are professionals who are dedicated to helping your business get ahead on your compliance efforts. Contact us today to find out how we can help your MSB get the procedures and monitoring you need in place to have a successful examination.
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